Hi
To cut a long story short, im seperating from my wife of 6 years, we have two children together and i need to find a new home, was looking at getting a house instead of renting. Im really worried though looking at all the information ive gathered that my debt to income ratio is too high for a purchase. I know my debt is a little high but its the child support thats causing the biggest issue i think?, i have 8 more years to pay on this.
Any advice would be greatly appreciated.
1. Mortgage Credit Scores:
not too sure as yet as ive not gone to see LO, but my fico scores are at TU 729 EX 720 EQ 711
2. Credit Negatives:
only a one 30 day late from 6 years ago, falls of next year i think.
3. Gross Income.
$44069 (full time employment)
I also run my own business which generates roughly $10K a year based on my current monthly earnings but ive got no tax returns as its only been running 10 months legit
4. Source of income. 5. Monthly debt payments. Car Loan: $425 Credit Card $400
Child support: $485 (This this auto detucted from my pay monthly, $242 every two weeks)
Regarding my credit cards, im currently at 22% credit untilization and have $69K in available credit.
6. Employment - Type of employment: full time, & own business
- How long 7.5 years
- How long 15 years
7. Assets/Reserves. This is to determine how much you could potentially have as a down payment and also as reserves to help qualify (for example if your debt to income ratio is high this could help qualify you anyway).- Savings, $2K
- Checking $4K
- Stocks $2K
- I can put down $3500 & also ive seen certain programs to help first time buyers in New Mexico with certain assitance.
8. Location:
- State New Mexico
- County(s) Bernilio
- City or zip(s) 87104
9. Property Description: - Is it a single family house
10. Property Value. - Purchase transaction: $90K to 105K
11. Occupancy. - Primary residence for myself and my two children who are 2 & 4
12. Transaction Type. First time home buyer
